{"id":30567,"date":"2023-10-05T04:52:38","date_gmt":"2023-10-05T08:52:38","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=30567"},"modified":"2023-10-05T04:52:38","modified_gmt":"2023-10-05T08:52:38","slug":"ethereum-price-recovery-in-jeopardy-decoding-key-hurdles-to-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/05\/ethereum-price-recovery-in-jeopardy-decoding-key-hurdles-to-fresh-increase\/","title":{"rendered":"Ethereum Price Recovery In Jeopardy? Decoding Key Hurdles To Fresh Increase"},"content":{"rendered":"

Ethereum price is struggling to stay above the $1,620 support against the US dollar. ETH must clear the $1,665 hurdle to start a fresh increase.<\/em><\/p>\n

Ethereum trimmed all gains and now trading near the $1,630 level.
\nThe price is trading below $1,660 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $1,650 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum managed to recover and stay above the $1,620 pivot level. Yesterday, we discussed a bearish reaction in ETH below the $1,650 level, like Bitcoin<\/a>.<\/p>\n

A swing low was formed near $1,585 before the price recovered above $1,620. It is now consolidating above the 23.6% Fib retracement level of the downward move from the $1,742 swing high to the $1,585 low. It seems like the bears are active below the $1,650 level<\/a>.<\/p>\n

Ethereum is now trading below $1,660 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,650 level. There is also a connecting bearish trend line forming with resistance near $1,650 on the hourly chart of ETH\/USD.<\/p>\n

The next major resistance is $1,665 and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the downward move from the $1,742 swing high to the $1,585 low.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

A clear move above the $1,665 resistance zone could start a decent increase. In the stated case, the price could visit the $1,700 resistance. The next key resistance might be $1,720. Any more gains might open the doors for a move toward $1,750.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,630 level. The next key support is $1,620.<\/p>\n

The first major support is now near $1,585. A downside break below the $1,585 support might start another strong bearish wave. In the stated case, the price could even visit the $1,540 level. In the stated case, there is a risk of a drop toward the $1,500 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,620<\/p>\n

Major Resistance Level \u2013 $1,665<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is struggling to stay above the $1,620 support against the US dollar. ETH must clear the $1,665 hurdle to start a fresh increase.<\/em><\/p>\n

Ethereum trimmed all gains and now trading near the $1,630 level.
\nThe price is trading below $1,660 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $1,650 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum managed to recover and stay above the $1,620 pivot level. Yesterday, we discussed a bearish reaction in ETH below the $1,650 level, like Bitcoin<\/a>.<\/p>\n

A swing low was formed near $1,585 before the price recovered above $1,620. It is now consolidating above the 23.6% Fib retracement level of the downward move from the $1,742 swing high to the $1,585 low. It seems like the bears are active below the $1,650 level<\/a>.<\/p>\n

Ethereum is now trading below $1,660 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,650 level. There is also a connecting bearish trend line forming with resistance near $1,650 on the hourly chart of ETH\/USD.<\/p>\n

The next major resistance is $1,665 and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the downward move from the $1,742 swing high to the $1,585 low.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

A clear move above the $1,665 resistance zone could start a decent increase. In the stated case, the price could visit the $1,700 resistance. The next key resistance might be $1,720. Any more gains might open the doors for a move toward $1,750.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,630 level. The next key support is $1,620.<\/p>\n

The first major support is now near $1,585. A downside break below the $1,585 support might start another strong bearish wave. In the stated case, the price could even visit the $1,540 level. In the stated case, there is a risk of a drop toward the $1,500 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,620<\/p>\n

Major Resistance Level \u2013 $1,665<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-30567","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=30567"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30567\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30567"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}